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Philadelphia Short Sales - 4 times is a Charm !

Philadelphia Short Sales - 4 Times is a Charm !

When you take on a Philadelphia short sale listing, it is safe to say that you better plan on working hard, really hard.  There are many things that can come up in a short sale property that can prevent you from going to settlement.  More often that not, the nuances are on the sellers side in terms of getting your short sale approval.  Many blogs have been written about this in regards to taking forever and a day to get that short sale approval, or the bank just not working with the seller.  Or you have inexperienced listing agents that cause deals to fall apart as they do not have experience with short sale listings.

Well this is a different twist.  The buyer agent needs to have control of their buyer and understand the short sale process as well.  Sometimes you have to sell the property more than once as you have the short sale Philadelphia Short Sales - 4 Times is a Charm !approval but the buyer flakes or backs out for whatever reason.  

In our recent case, we had to sell the property 4 times !!!!  (I wish the bank would have paid us 4 times)  .   In a world where buyer agents are worried about whether a short sale is going to get approved, I am more worried about there side of the deal performing ! 

In any event, our seller was a trooper.   She understood how difficult it was and sometimes things are just out of your control.   Her original loan was with PHH.  It was amazing how her purchase appraisal ever came in at the purchase price but I guess that is another story...

For now, 4 times is a charm for this Point Breeze home !  And one more short sale is one less foreclosure for the community !

 Related Philadelphia Short Sale Blogs:

Philadelphia Short Sales - Another Successful Short Sale in Point Breeze !

Short Sale Specialists in Philadelphia - Plan and Prepare for Success !

Philadelphia Short Sales

Philadelphia Short Sale Specialists

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39 comments • Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate • February 13 2011 08:48AM

Philadelphia Short Sales - Another Successful Short Sale in Point Breeze !

Philadelphia Short Sales - Another Successful Short Sale in Point Breeze !

We had another successful Philadelphia Short Sale settlement this past week.  We take a lot of pride in Philadelphia Short Sales - The Somers Short Sale Packagethis as short sales are a ton of work.  Our folder for these deals typically becomes two or three times the size of any other deal with the amount of documentation that is needed as part of the short sale package.

With this deal, the lender was Wells Fargo who was not too bad to work with.  It certainly helped that the seller provided all of the information in a timely manner for the short sale package initially.  In addition, another reason for the short sale success was the cooperation of the title company we used.  We have found that often times it is the experience of the short sale negotiator you are assigned to that makes a difference and in our case the one that we were assigned to with Wells Fargo was exceptional.

However, there are always things that can trip you up on a short sale, things that you may not expect or just things that are aggravating.  In our case, the two main things were:

Philadelphia Short Sale Success !

 

 

1.  BPO (broker price opinion) -  We had a very difficult time scheduling the person doing the BPO to get into the property.   She would only go into the property on certain times and refused to go in the property without being accompanied by myself after finding out it was "tenant occupied" even though it was essentially vacant and there was a puppy.  We have a lockbox at the property and had no problem with showings.  We lost 2 weeks on the short sale during this process.  Long story short, I met her at the property, opened the lockbox, unlocked the door to a property that was 90 percent vacant.  Was a bit insane.  In hindsight, I think this woman should retire.

2.  Buyers mortgage company - The buyers mortgage company dropped the ball for settlement when our short sale approval time frame was running out.  They had ample time to process the loan.  It was a mess.  The title company stayed Friday night on the day of settlement until 8:00 waiting for the residual paperwork to come from the mortgage company which never came.  It was finally emailed around 9:00 pm so our title clerk met with the buyer on Saturday to finalize the paperwork. 

And by the way, this same mortgage company was pushing very hard that they had to do the title work on the deal as well.  Yeah, right !  I could only imagine.  If that was the case, not sure if we would have had a settlement at all !

All in all, Philadelphia short sales are tricky and it is so critical to work with a Philadelphia short sale specialist on your short sale deal !  We do not outsource the short sale work, we do the work ourselves.  We have seen other companies charge the buyer 1.5 percent or $5,000 which does not make a lot of sense when as a listing agent, it is your responsibility to negotiate the short sale.  In addition, it leaves more negotiation room for your client and the buyer as well. 

 

Lastly, it must be said that the other agent on this deal, Rae Dennis, was a pleasure to work with.  If not for her and her buyer, chances are the deal would not have made it to settlement either !

If you are in need of a short sale, feel free to contact us at thesomersteam@yahoo.com or 215-400-2620.

 

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5 comments • Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate • December 19 2010 09:04AM

Philadelphia Short Sales - Another Successful Short Sale from The Somers Team in Point Breeze !

Philadelphia Short Sales - Another Successful Short Sale from The Somers Team in Point Breeze!

This past week we successfuly had another one of our Philadelphia Short Sale listings go to settlement !!  The seller was extremely happy to avoid a foreclosure and the buyer was happy to get a great opportunity on this Point Breeze home. 

Philadelphia Short Sale Success

 

For this deal, as most of them can be, instead of a short sale, the buyer termed it a "long sale" as it did take months for us to finally get the short sale approval letter from Wells Fargo.  Further, the buyer was the third buyer so it was an even longer process for us.

But at the end of the day, it makes it all worthwhile as the way we look at it, one more short sale is one less foreclosure.  This will help this block and this community now as this new buyer will begin working on the property immediately.

A Philadelphia Short Sale listing requires extensive knowledge and experience of the short sale process.  If you are considering selling your property via a short sale, make sure you contact an agent that has extensive experience in them.   It can be the difference between success and failure. 

If you need assistance in the Philadelphia area, contact us at thesomersteam@yahoo.com .

Also to see more of our writing regarding Philadelphia Short Sales and Short Sale Success click on the following link:

Philadelphia Short Sales and Short Sale Success - The Somers Team

 

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10 comments • Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate • April 10 2010 06:28AM